What do I do after I get my financial aid award letter?

After you receive the award letter, you may be asked to return a signed copy of the letter in which you accept or reject each source of financial aid. The college will not increase other aid to compensate if you reject part of the financial aid package, such as loans.

How do I accept my financial aid award?

To accept or decline ALL of your awards, use the “accept all” or “decline all” buttons. Please note that clicking “decline all” will not decline any grants, scholarships, or Parent PLUS Loans you may have been awarded. To accept a single award, check the “Accept” checkbox next to the award name.

What does my financial aid award letter mean?

A financial aid award letter is the notification that students receive informing them how much financial aid a school is willing to offer. … You’ll need to complete the FAFSA every year to determine what aid you are eligible for and you’ll receive a new award letter every year with that FAFSA submission.

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How do I know if my financial aid was approved?

To check on the status of financial aid being disbursed to you or your account, check with the financial aid office at your college or career school. Note: If you submitted a paper FAFSA form, you can check the status of your application after it has been processed (roughly seven to ten days from the date mailed).

How long does it take to receive financial aid offer?

If you mailed your FAFSA, it can take approximately 7 to 10 days for it to process once it’s received. While your application is being processed, the U.S. Department of Education will send your information to the schools you applied to and will verify your family’s financial standing.

What happens to leftover financial aid money?

If there is money left over, the school will pay it to you. In some cases, with your permission, the school may give the leftover money to your child. If you take out a loan as a student or parent, your school (or your child’s school) will notify you in writing each time they give you any part of your loan money.

What if you don’t use all of your financial aid?

Your school will still send you a refund check in this case, but keep in mind that the money you receive is still borrowed money. You will accrue interest on it, and you will have to repay that principal amount.

When should I expect my financial aid award letter?

Most colleges send out financial aid award letters around the same time as admission offer letters. However, the timing can vary from college to college depending on factors such as the date that you submitted your FAFSA form and the number of FAFSA forms the college received.

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What kind of information does a financial award letter give you?

Every financial award letter you receive should mention the cost of attendance at the school, clearly listing the tuition, room and board, fees, books, approximate travel and personal expenses.

What does financial aid award mean?

Aid may be a grant, a scholarship, a loan, work-study—or a combination of these aid types. The award letter should also include: A breakdown of the college’s cost of attendance (COA) Your Expected Family Contribution (EFC) The amount of your financial need the college is meeting.

What is the maximum amount of money fafsa gives?

Type of Aid Average Amount Maximum Amount
Federal Pell Grant $4,310 $6,345
Federal Direct Stafford Loan $5,800 (dependent) $7,630 (independent) $5,500 to $7,500 (dependent) $9,500 to $12,500 (independent)
Federal Work-Study $2,340 No maximum $4,000 (90th percentile)
Federal Supplemental Educational Opportunity Grant $670 $4,000

Is financial aid first come first serve?

Schools often distribute student aid funds on a first-come, first-serve basis in order of when students complete the financial aid applications, and this year it will be more important than ever that students complete the FAFSA as soon as possible.

Does financial aid process on weekends?

– If those dates are on a holiday or weekend, the financial aid disbursement will be issued the last working day prior to the holiday or weekend.

Can I get my financial aid refund early?

Disbursement of Grants

Be sure to contact the financial aid office so that you can receive early access to funds.

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